As your browser does not support javascript you won't be able to use all the features of the website. We strongly recommend you to enable the javascript in your old browser's settings or download a new one.

GBP/USD Back near Rising Channel Support

The GBP/USD has put in a top this week and slid from it, as the 4H chart shows. However, this decline could be a temporary correction, in the context of a bullish market.

(GBP/USD 4H chart)

If the market holds GBP/USD above 1.6535, it would respect the price bottom it put in after the 1.6455 low. It would also show respect to a rising channel support seen more clearly in the Daily chart.

(GBP/USD daily chart)

Bullish scenario:The 4H stochastic shows a market that could be completing a bearish cycle. AS price nears 1.6535, we should anticipate support in a bullish context, to challenge the 2014 highs in the 1.6783- 1.6820 area.

Bearish scenario:A break below 1.6530 opens up 1.6455. Below that the 1.6250 level would be the next key level.